After a breakout year and explosive uptick in stock price, Peloton has fallen back to earth and then some. Despite an exceedingly turbulent 2022 thus far, the home workout company is readying a new line of machines for the holiday season. The Peloton Row, an indoor rowing machine priced at $3,195, recently opened pre-orders for December deliveries.
According to recent CivicScience survey data, Peloton remains a niche market despite the heightened brand awareness (83% of U.S. adults have heard of the brand). Just 10% of all adults familiar with Peloton have tried it, and only half of them currently use it and like it (n=2,657).
That said, both represent an uptick from our September 2020 data, when nearly 30% of adults hadn’t heard of Peloton. Who is likely to be the current Peloton user, and what does interest look like for the new Peloton Row machine?
Americans who’ve gone to the gym with at least some frequency within the last year well outpace non-gym goers in positive Peloton experience. If anything, most Peloton users aren’t treating home workouts and gym workouts as an either/or proposition – and those who never exercise at gyms are just a small fraction of Peloton users. As a recent CivicScience study found, Gen Z adults are much more likely than the Gen Pop to be double-dippers or own home exercise equipment. That said, nearly one-quarter of infrequent (‘a few times a year’) gym users are interested in buying a Peloton machine in the future.
Peloton performs exceptionally well with adults who claimed to be ‘very concerned’ about being in public spaces within the past six months – however that subcategory also remains a minority at this stage of the pandemic. Those in the ‘very concerned’ bucket are also twice as likely as the Gen Pop to intend to buy a Peloton in the future.
Despite the limited market, 15% of adults familiar with Peloton are at least somewhat interested in buying a Pelton Row home workout machine (n=2,320). Just under 5% – roughly the same percentage who’ve tried Peloton and like it – are ‘very interested’ in buying the rowing machine.
More than two-in-five current Peloton-favorable users are ‘very interested’ in buying the Peloton Row – with more than two-thirds of these Peloton users saying they are at least somewhat interested. Even 45% of those who tried Peloton but don’t like it rate themselves as at least somewhat interested in buying the new machine – which might bode well for its chances to reach adults beyond the Peloton faithful.
Although the home workout titan has cratered out thus far in 2022, the Peloton Row offers the company a chance to get back on track with its fans and skeptics alike, right in time for the holiday shopping season.